According to the
Anandtech review, the smart cover definitely seems to be improved in that regard:
The new Smart Case feel great and seem to do a good job of protecting the iPad Air. The leather feels smooth and doesnt seem to have the durability issues of the new iPhone 5s leather cases.
Getting the iPad out of the Smart Case does take a little more time as you have to pull it out of a relatively tight tub, so I wouldnt recommend it as an option if youre looking to constantly get in/out of the case. There is a more noticeable weight penalty from using the Smart Case as well. As I mentioned before, the iPad Air is light enough that the addition of any case can have a substantial impact on the feel.